Bitcoin traders are facing a crucial time owing to the unstable stance of Bitcoin price on the charts. The bitcoin price suffers losing about 0.25% over the past day. While ETH continues to make positive progress, BTC is falling behind in its own race in the current picture of the crypto market. It all started after Elon Musk’s recent tweet regarding Bitcoin. The market observed an overall crash and several predictions surfaced to predict the near future. However, it looks like ETH is showing some bullish signs on the charts. While BTC price is crucial in determining the trend for other cryptocurrencies, the current crypto market speaks of a different idea.
BTC Price Analysis Over Last 24 Hours
Monday proved to be a tough day for Bitcoin. It is needless to mention that Bitcoin is the world’s largest cryptocurrency and any bullish or bearish influence in the market can also affect other smaller and dependant cryptocurrencies.
The price of Bitcoin jumped from $35,355 at 22:45 UTC on Sunday to $36,742 by 02:45 UTC on Monday. In the meantime, BTC observed a 4% rise in the price. While this may be valid, the story took a cruicial turn when the price fell below $36,000 and landed at $35,679 at press time.
The research analyst at Trade the Chain, Nick Mancini said,
“We are now seeing consolidation, with higher lows, and we want to see bitcoin gradually move back up to the higher trend. We expect to see a large price move in the next 48-72 hours.”
Ethereum (ETH) On Bullish Side
Being the second-largest cryptocurrency, ETH gained from $2,677 at 22:45 UTC on Sunday to $2,840 by 16:15 UTC on Monday.
Chris Thomas, head of digital assets at Swissquote Bank said,
“The range will break out, yes, definitely, but energy is still not in the market. That said, the energy is shifting to ether from bitcoin.”
Ether is continuing to show bullish signs on the charts validating the above sentiment shared by Chris Thomas while Bitcoin price suffers. However, the next 24-48 hours can be very cruicial in determining the status of BTC and ETH.